Q & A with Dottie Herman

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Q1 - My wife and I listed our home about 6 weeks ago. We have since decided not to sell our house. What do we do now? Can we get out of the listing agreement? We signed a 6 month exclusive agreement.

A - As the Listing Agreement is a Contract, it is always best to consult with your attorney. In addition, please review the language of the Listing Agreement and its provisions. If it doesn't contain a preclusion for an early cancellation, then It would appear that you are within your rights. If it does, your Attorney will advise you as to next steps.  It is important that you notify the Broker in writing that the Listing agreement is cancelled effective immediately and to direct them to formally withdraw the property for sale. Be sure to have them confirm receipt of your notice to them in writing. Certified Mail with a Return Receipt for your records is best.

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Q2 - I recently went to contract on my home. The buyers signed the contract and now they have decided that they don't want to purchase my house as they saw another home they like better. What is my recourse? Are they going to be able to get out of the potential purchase?

A - The Buyer's default provisions of the Terms and Conditions contained in your Contract of Sale usually have provisions that address a Buyer's willful default. Please consult with your Real Estate Attorney to determine if there is one, and if there are monetary damages due to you.

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Q3 - We are thinking of putting our home on the market, however, before we do so we need to make some home improvements. What will get us the greatest return when we are trying to sell? Should we do a kitchen? Stay neutral? I wish we could just give the potential owners a sum of money to do what they wish so it could be in their taste and not mine.

A - There are several schools of thought on your dilemma and in the end, you must decide. One is that many buyers today are looking for a "fixer-upper" at a fair market price. Others buyers want to buy properties in "move-in" condition and are willing to pay a slight premium for them. If you choose to renovate, stick to basic colors and invest in good brand-name appliances that are recognizable to buyers for their quality. Finally, you may want to get a few bids on what it will cost and then offer an allowance, based on those bids, to a serious buyer. Good luck and let me know which path you choose!

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Q4 - I have to move out of state for my job. The apartment I moved to came furnished-  would selling my house with the furniture be an incentive to buyers? Should I offer it as an option?

A - As it is hard to determine what the future Buyer's needs will be, it is best to offer your home both furnished and unfurnished. Depending on the quality of the furnishings, the price of a furnished property is higher than an unfurnished one. Leaving the furniture also is helpful to buyers in visualizing the use of the space. If you sell your home unfurnished, it will have served its purpose and saved you the expense of staging it which is so popular today.

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If you have a real estate question for Dottie, please send it to; Dottie@RealEstateChannel.com

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